Strategy in TECH...
Strata-gee.com learned from sources early today that Thiel Audio Products was sold last week to a Nashville, TN-based private equity company. Late today, the company distributed a formal press release confirming what we have heard. Kathy Gornik, CEO and President of the company is said to be leaving effective immediately and the release refers to “New Thiel CEO Bill Thomas.” [Read more…] about Thiel Audio Products Acquired by Tennessee Private Equity Company
Panasonic Corp., once one of the most powerful electronics companies in the world, now finds that its credit rating has been lowered by Moody’s Investors Service to the lowest level still considered investment grade – only one step above junk. Moody’s, one of the largest credit rating agencies, has revised Panasonic’s rating twice before this year – and this third revision dropped the company’s credit rating two grades to Baa3…the lowest level considered investment grade.
Sharp Corp., the struggling Japanese manufacturer that is widely reported to be scrambling to survive, recently offered buyout packages to employees hoping that 2,000 would agree to leave the company. To their surprise, almost 3,000 employees volunteered to leave – good for the company, but a sign of their lack of confidence in the company’s ability to return to profit anytime soon.
[Read more…] about Sharp Asks 2,000 Employees to Leave – 3,000 Raise Their Hands
Nortek Inc. announced this morning that it has consolidated several of its brands into a new organization that they call the “ProAV Group.” Consisting of several Nortek brands that were conspicuously missing from their recently formed “Core Brands” group, the ProAV Group combines Gefen, TVOne, and Magenta Research into one consolidated group.
The French conglomerate Legrand’s North American subsidiary announced today that it has purchased Hebron, Kentucky-based NuVo Technologies, LLC. NuVo, a whole house audio solutions provider will continue to run as a freestanding, independent company focusing on the home audio market according to the Legrade announcement. While the products will continue to feature the NuVo brand, the company will now operate under the auspices of Legrand’s Home Systems division.
According to multiple reports from Reuters, Nikkei and others, Sharp Corp., the troubled Japanese consumer electronics manufacturer, is in negotiations with Intel Corp. and Qualcomm Inc. about a much-needed capital investment. Sources are telling the media that Sharp may receive as much as $378 million from the companies. The news was enough to send shares of Sharp stock soaring in Japan.
Out of Tokyo, Japan this past Monday came word of a new global strategic collaboration between Onkyo Corporation, U.K.-based Imagination Technologies Group, and Imagination’s consumer division known as Pure. A global technology creator, Imagination Technologies Group largely focuses on multimedia, cloud, mobile, and connected audio technologies – often licensed to major consumer brands as part of their product offerings.
The investment community remains unconvinced that new Sony Corp. CEO Kaz Harai is making meaningful headway in turning around the financial performance at the struggling tech manufacturer. And now Reuters is reporting out of Tokyo that credit rating agency Moody’s Investor Services has piled on with another downgrade of the company’s credit, placing it perilously close to “junk” status.
Much has been written about the impact of Hurricane Sandy on the entire East Coast of the United States – particularly in the coastal areas of the New York/New Jersey/Connecticut metropolitan areas. Homes were damaged and destroyed with press reports indicating that thousands of families were displaced. FEMA is sending in temporary homes to house these displaced families.
But other than gas stations dealing with fuel and power shortages, much less has been written on the impact on businesses throughout the area. Certainly, the Jersey Shore had a huge impact – especially on businesses centered on or near the boardwalk at the shore. But as we recently wrote about, other businesses throughout the area – including some CE-related businesses – were also impacted.
Thunderball Marketing, Inc., an Avenel, NJ-based distributor of consumer electronics and pro-DJ equipment was hit hard by hurricane Sandy last week, with facilities losing power and two co-located warehouses subjected to a shocking level of water damage. Thunderball’s Alan Henslovitz told strata-GEE.com that his rough estimate is that the company has been hit with somewhere between $10-$15 million in losses based on destroyed & damaged inventory and lost business.
